Home Mortgage - Seeking a basic understanding?
Added (1). Is this basically how it works:
The bank owns a house worth $500K.
Michelle buys it.
She has made $300K in payments.
She decides to sell it.
The bank gives her $300K.
Tony then buys this house.
He must agree at any price set by the bank.
The bank profited from Michelle in fees or interest while she was making payments.
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